Oil producers have severely curtailed spending in response to a near 60 percent fall in crude prices since mid-2014.

Husky said it now expects to spend about C$2 billion ($1.49 billion) this year, below its prior forecast of C$2.1 billion to C$2.3 billion.

The company had previously lowered its capital expenditure plan in January from a forecast of C$2.9 billion to C$3.1 billion.

Husky has achieved its target of generating more than 40 percent of its production from projects that have low operating costs and capital requirements, Chief Executive Asim Ghosh said in a statement. [nMKW5ZC9ka]

“And we have many more such projects in the wings,” said Ghosh on Thursday, a day after announcing that he would retire on Dec. 5 after seven years at the helm. [nL1N1CX03T]

The company’s shares were down nearly 2 percent at C$14.96 in afternoon trading on the Toronto Stock Exchange.